It’s been just reported that the crypto intelligence firm Santiment is currently analyzing the overall sentiment of market participants across the large-cap altcoins in order to find out if the crypto market is ready to bounce back.
Crypto markets sentiment
On Twitter, Santiment said that traders and investors of top digital assets such as Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Solana (SOL), and Binance Coin (BNB) do not seem optimistic about the prospects of their holdings.
“Have we dipped low enough where there’s ‘blood in the streets?’ According to crowd sentiment, there’s quite a bit of fear, uncertainty and doubt (FUD) and bearishness for BTC, ETH, BNB, SOL, and ADA. As illustrated by this chart, negativity correlates most commonly with bounces.”
Analyzing the state of Ethereum
Santiment is analyzing ETH, and they are looking at the MVRV (market value to realized value) metric.
This divides an asset’s market cap by its realized value. Analysts use the MVRV metric to spot market tops and bottoms.
Santiment also said that the MVRV metric is at a six-month low, implying lesser risk for new market entrants.
“Ethereum bottomed out at $3,118…time to panic? Well, according to ETH’s average MVRV, this is the most ‘pain’ traders have felt since July, and price jumped +118% from that pain point. Also, active addresses vs. price looks quite bullish.”
At the moment of writing this article, BTC and ETH are trading in the green, and the king coin is priced at $42,146. ETH is trading at $3.113.
Despite the recent market corrections in prices, there are all kinds of optimistic price predictions out there about the prices of the most important digital assets.
Stay tuned to find out more juicy news from the crypto space, and also make sure to keep your eyes on the crypto market these days to see where prices are heading.